Foreclosures plummet 80% in one year

Foreclosures plummet 80% in one year

Foreclosures plummet 80% in one year
The coronavirus pandemic has thrown the housing market for a loop with many staggering changes in home prices, sales and mortgage rates. But perhaps one of the most radical changes observed throughout the pandemic has been the figures related to home foreclosures. According to ATTOM Data Solutions’ January 2021 U.S. Foreclosure Market Report, foreclosure filings in the U.S. are down 80 percent from last year.

Experts warn however that the current rate of foreclosures is not reflective of actual market conditions. Most lenders have instituted moratoriums on default notices and repossessions and the Biden Administration has extended the foreclosure moratorium on government-backed loans through the end of March.

It is unclear what will happen to the foreclosure rate at that time.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

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